Tuesday, July 20, 2010

Dennis Garman Says He Was Wrong About Gold Going Parabolic

As noted on Benzinga, Gartman said on the CNBC program "Fast Money" that he was wrong about gold heading in to a parabolic phase. He evidently meant that gold was going parabolic as of last or this month.
He explained that gold is making new lows, and the up trend looks like it's broken. Gold is also falling relatively to euro and British pound. He added that it looks like the game has changed and people are worried about deflation. Inflation is not an issue any more, and there are signs of the slowing of the economy and the non-growth of the monetary base.

It takes some spine to get up on national television and admit to a mistake in that way. I don't want to hold out unrealistic hopes, but there is the possibility that Gartman was early. There's also the possibility that he capitulated, but again I don't want to hold out too much hope.

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